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Mermaid Maritime secures multiple project awards worth US$485 mil

Felicia Tan
Felicia Tan • 2 min read
Mermaid Maritime secures multiple project awards worth US$485 mil
Work on the projects will begin in 2023 and is slated to be completed in 2025. Photo: Mermaid Maritime
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Mermaid Maritime has clinched multiple project awards with a combined value of approximately US$485 million ($665.3 million).

The project awards, which were secured through its subsidiaries in Thailand, the Middle East, western Sub Sahara and the UK, include cable laying, subsea pipeline tie-inns, inspection, repair and maintenance, decommissioning as well as other related services.

Work on the projects will begin in 2023 and is slated to be completed in 2025.

Barring any unforeseen circumstances, these projects are expected to contribute positively both to Mermaid Group’s earnings per share (EPS) and to the group’s net tangible assets (NTA) holdings for the FY2023 ending Dec 31 and beyond.  

“We would like to express our sincere gratitude to Mermaid’s valued clients for their continued trust and support, which has enabled us to achieve this remarkable success. These contract awards highlight not only a significant growth opportunity for Mermaid, but also reaffirm our position as a key player within our tier of the value chain in the energy space,” says Chalermchai Mahagitsiri group CEO.

“These newly secured interventions actively endorse our vision and group strategy, as we carefully position Mermaid within the energy sector, and navigate a successful the future for our stakeholders,” he adds. “The momentum for our upward trend is now in place, and this of course contributes directly to sustaining our long-term growth, and providing a sustained tangible future for our valued staff and their families. Our dedication to innovation, sustainability, environmental awareness and excellence will continue to drive Mermaid’s participation, and shape our involvement in the future of the energy industry.”

See also: City Developments’ CDI acquires industrial zoned land in Christchurch for NZ$17.1 mil

Shares in Mermaid Maritime DU4 -

closed 0.3 cents lower or 3.85% down at 7.5 cents on Oct 4.

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